"Projected Social Security COLA Increase for 2024 Revealed"

The latest estimate from the Senior Citizens League suggests that there could be a 3% increase in Social Security benefits in 2024. The increase is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, which rose by 2.3% year over year. The final COLA for 2024 will be determined using third-quarter data from the index, and there may be changes to the estimate as more data is analyzed. The average monthly benefit as of June 2023 is $1,701.62.